Reliance Jio Acquires RCom's Spectrum And Other Assets

The revival plan, which also has the backing of the Chinese lender that had dragged it to the National Company Law Tribunal over the issue of default on $1.8 billion loan, involves sale of RCom's residual spectrum, towers and realty assets, including the 125-acre DAKC - the operational headquarters of the group - and also a possible minority stake sale to a strategic investor.

The company said on Tuesday that it has arrived at a new debt resolution plan with lenders that would not need any debt-to-equity conversion.

While the acquisition amount is now unknown, Anil Ambani had previously mentioned that the assets were worth Rs 25,000 crore. Even as merger and acquisition activity, or attrition, intensifies in the remaining 33%, the pivotal question for the industry is: will Reliance Jio be content with substantial pickings from this one-third or will it go hard on the two-thirds above it?

The transactions are likely to close in a phased manner between January and March 2018, subject to lenders' and other applicable approvals. "Don't forget, Jio started operations of telecom in the undivided empire of Ambani, so they know the assets better than an outsider", Soni said, noting that this team actually built those assets. The company is already undergoing a "robust" transformation to a business-business services company, Anil Ambani had said.

The proceeds of the sale will primarily be used to reduce Reliance Communications' debt, according to moneycontrol and other reports.

However, if market experts are to be believed, Reliance Jio was the only company with pockets deep enough to take on additional assets.

Last year, Mukesh Ambani entered the telecom sector again with the launch of Jio and immediately created turmoil by offering free voice calls and cut-throat data tariffs.

India Ratings and Research says the industry is being redrawn from a large number of operators to an oligopoly as sponsors of smaller, unprofitable telcos exit the field, unable to sustain losses.

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